The Accounting system is a backbone of a business and to build & run a successful business, accounting system must work properly, effe...
The Accounting system is a backbone of a business and to build & run a successful business, accounting system must work properly, effectively and efficiently and should provide all accounting related information accurately and swift manner. Without correct and timely accounting of business transactions, working of the business cannot be optimized. So, it is always better to spend a considerable time to select proper accounting software according to the needs and nature of the business. Further, such decisions are not reversible in nature and incorrect decision might create a mess for business. There are many type of ERP software available in market but which is the best ERP for you small and medium enterprise must look into before finalizing its accounting software.
1. Simple and Fast:For small & medium business accounting software must be simple and fast . In small business multi tasks are being assigned to limited number of workers so accounting erp software must be user friendly and data entry can be done with a little efforts to save time and cost.Further in many cases, business owner himself do such work and time saved in recording the transactions in accounting software can be utilised for other important works
2. User interface: The User interface of the accounting software must be user-friendly and must also be simple and easy. Small business owners have a little knowledge about specific accounting entries but they are well conversant with business. If the system is less complex than it is more likely that transaction can be recorded error free and reports will be generated easily and more accurately. Information to enter in accounting software must be minimum yet provides desired results
3. Auto-generation of Reports :The main aim for the accounting software is to generate reports like cash book, day book, debtors credits accounts, bank accounts details, Details of expenses and Income, Manage purchase-sale bill, details of inventory, Trail balance, Preparation of Trading, Profit and loss account, Balance sheet etc. This all must be mapped with the entry of the vouchers itself and no further inputs are required from the owner side so that he can check these reports instantly and more concentrate on their business rather than accounting glitches.
4. Data Security: The accounting system must have an in-built data security feature so that it can be not be accessed by unauthorized person and data can be saved in encrypted forms so that it cannot be altered without permission.
5. Export import: Nowadays, Accounting data is required at various other function of the business, so there must be feature that data can be extracted in PDF or excel forms for further consumption. Standard and Custom report must be generated and exported in other acceptable forms and shared with other users without any converter. Moreover, data can be also be imported where ever necessary like importing of Bank statement for Bank reconciliation. Further, nowadays all compliance works related to taxation are online, company/firm’s Auditor/tax adviser demands data for online filing of various returns ,so accounting software must have a feature to export data to do compliance works.Moreover if the facility to file returns through the software itself then it will be more beneficial, as such feature will save both cost and time. Further software must include a feature to export full data in case or unavoidable change in software arises at later stage.
6. Scalability & customization: Not all the small business remains small all the time. The accounting software must be able to cater to the needs of the business in a growth period and more features can be added in accounting software according to the needs of the growing business. Large business not only required accounting software but need an ERP. One cannot afford to change accounting software each time after increase in the scale of the business, so accounting software must also have features, which can be added as per requirement of the business.
7. After sale service: Purchase of accounting software must not be seen as a one-time exercise. At many time queries and questions about software arises, which must be handled and resolved by the company within a reasonable time. To handle such queries ,”Faq” and “how to do” must be provided in software itself or web portal of the software company. Further customer care support through phone or face to face must be provided for specific query or needs. It will be more beneficial for business if such help is provided on a local basis. So network of the software company must be robust.
So, these are the main feature which one should demand in accounting software. In our view Tally Erp.9 provided by Tally solution is one of Accounting cum ERP software fulfill all such requirements. Tally is Simple, Fast, Easy to understand, best user-interface accounting software. In Tally software, you may export report in other formats according to your need.. Further Tally has created a network and echo system of dealers, educators developers over a period of more than 30 years of services under which you will get solution of your queries at local level. Hope this post will be helpful for you to select your accounting cum erp software.